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Renting, Apt vs. Home vs. Trailer

L

lwknives

May 6, 2012
332
2
#1
Hey yall, Im gona be getting married and moving out of my grandmothers house in the next 4 months and would like to know yalls thoughts on the pluses and minuses of different types of rental places.

It is much easier to find affordable nice apartments but being a musician I dont want to be aggravating my neighbors with loud music. Is it worth the extra cost to rent a house vs apartment?

I have never lived on my own before so I dont really know what to expect.

Thanks!
 
#3
After a wedding, honeymoon, buying my girl a car and only recently graduating college I wont have any money for a down payment. I plan on buying in a year or two. If I get a cheaper apartment I will have to sacrifice being able to play loud music but I will be able to buy sooner.
 
#8
I'm not a fan of the apt.

Everyone I know that has lived in a trailer park has been broken into at least once. I don't think they are all that easy to secure.

A house is a great thing, and if you are renting, a larger house with several roommates makes them very affordable. But then you have to deal with the roommates......
 
#11
You can always find a rent with an option to buy where some of the rent money would apply to purchasing the house at a future time. If you rent, purchase renter's insurance on your stuff. The landlord's insurance does not cover your stuff. I own an insurance agency; so, I know how to protect people's belongings.
 
#15
Richland123 said:
You can always find a rent with an option to buy where some of the rent money would apply to purchasing the house at a future time. If you rent, purchase renter's insurance on your stuff. The landlord's insurance does not cover your stuff. I own an insurance agency; so, I know how to protect people's belongings.
Click to expand...

+1

Renters insurance is very cheap. Maybe not that important for most people, but if you've got some high-ticket items lying around the house (basses and amps) it's worth it. Mine also covers theft from my car.

As for what to get, a bigger house with a couple roommates is always the nicest and cheapest, at least around here. Can you handle roommates until the income goes up?
 
#16
We're in the middle of going from renting to owning. We've picked a reasonable price range and we're waiting for our 'nest egg' to hit the point where we're around 20% of purchase price. In the meantime, while we're doing our best to save, we're paying down as much 'old' debt as possible. My old CC debt will be down about 85% in the next month, my wife's car will be paid off (years early), setting us up to be able to have a mortgage that's less than what we're paying in rent, and us being able to further afford improvements and have stability.

If you're fairly young now (20's, early 30's) then renting may be a great choice. I'm in my early 40's and its time to own, and time for us to find some space, rather than live on top of everyone in the neighborhood.

At this point, I'm tired of paying to live in someone else's property and all that goes with that.

No trailers for me thanks.
 
#17
I have owned a home in Washington since 1999. When we moved to New Hampshire, we rented a home, and rented our house in Washington. I actually prefer renting a home. When we move from the house we are in now, I will rent.

Some of the newer manufactured homes are nice. I would not be opposed to living in one.

-Mike
 
#18
Buying is not really an option because I will be a 23 year old with almost no savings, I will have just got a new job, I have never borrowed money so I have zero credit history I cant imagine a bank giving me a loan!

I should be able to afford a pretty nice rental house with no problem, it will just take longer to save for a downpayment if I am spending $100-$200 more per month than for a similar apartment.

I will definitely not want roommates being as how I will be a newlywed. Im gona be wanting to spend some alone time with my woman!
 
#19
Are you assuming you'd be practicing loudly with a band in your apt or house? I'd say at 23 rent apt, save money, get some credit established, look to buy in a few years. You can practice at lower volumes in an apt, or acoustically. Not sure what they have in your area, but townhouses (no upstairs from you) or duplexes may work. I rented a back house off a huge house once that was awesome. 1000 sqft, full kitchen, pool privileges and never a fear of theft being in a great neighborhood. They loved having me there as they traveled all the time and I could rock out at all hours.

Start the 401K instantly if available and get the pre-tax dollars working for you, even $100 per month.

Good luck on the marriage and housing!
 
#20
At 23 I was busy establishing a really bad credit rating. It took me years to dig out from under that. Be careful. It's taken even longer to dig out from the credit/debt hole involved. That's only just now ending.

I've lived in flats for the past couple decades. Way better than an apartment building...like right now we have a 2/3 bedroom 1100 square foot flat which is perfect for the 'married yet renting years'. We have enough space for a guest room a storage/studio room, living room, dining room, etc. Many houses in our price range are in the same range size wise.

I also practice with a Korg Pandora and headphones. Its actually a better way for me to practice than having an amp.
 

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